Section 63 in The Income- Tax Act, 1995
- ” Transfer” and” revocable transfer” defined For the purposes of sections 60, 61 and 62 and of this section,-
(a) a transfer shall be deemed to be revocable if-
(i) it contains any provision for the retransfer directly or indirectly of the whole or any part of the income or assets to the transferor, or
(ii) it, in any way, gives the transferor a right to reassume power directly or indirectly over the whole or any part of the income or assets;
(b) ” transfer” includes any settlement, trust, covenant, agreement or arrangement.
- All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.
A trust can be revoked under this law
